We refer to the Company’s announcement dated 4 October 2024 in relation to the variation to the utilisation of proceeds previously raised from the Rights Issue with Warrants exercise undertaken by the Company that was completed on 28 May 2021.  Unless otherwise defined, the definitions set out in the Announcement shall apply herein.

At an Extraordinary General Meeting held on 28 November 2024, the shareholders of the Company had approved the variation to the utilisation of proceeds amounting to approximately RM75.74 million previously raised from the Rights Issue with Warrants exercise undertaken by the Company that was completed on 28 May 2021 (“Variation”).

The Board of Directors of Sanichi (“Board”) wishes to announce that as at the expiry date of the timeframe (within 6 months from approval of the shareholders) to utilise the balance proceeds from the Rights Issue with Warrants, the Company has yet to fully utilise the balance proceeds amounting to RM56.49 million allocated for its property development and plastic moulding businesses as well as repayment of bank borrowings.

The Board after having deliberated, resolved to extend the timeframe for utilisation of the said balance proceeds for another twelve (12) months period from 29 May 2025 to 28 May 2026 ("Revised Timeframe") to provide additional time for the Group to utilise the balance proceeds.

Please refer to the attachment for further details.